Euro pushes forward
06.05.2014
On Tuesday the main currency pair found a reason for rapid strengthening – the Daily PMI statistics in several European countries were positive.
Euro / dollar still managed to get out of the stupor: the business statistics published on Tuesday afternoon in the euro zone and a number of its individual countries showed good growth.
If as a whole, the European PMI index was in line with expectations and was 531 points, the data for France and Germany showed pleasant values of 50.4 points and 54.7 points respectively. These indicators are strong predictive markers, and, therefore, this is precisely what inspired the buyers.
The Italian PMI in the service sector has also grown to 51.1 points, while it was expected to strengthen to 50.4 points.
In other words, the European PMI, which did no hold many expectations, became a powerful euro/dollar springboard. The goal of 1.39 was taken almost immediately, and to date the main pair is trading slightly higher. Now everything will depend on the strength of the "bulls" - if today’s instrument will be able to gain a foothold above the figure of 39, the goal of purchases will shift to 1.3945.
RoboForex Analytical Department
Euro / dollar still managed to get out of the stupor: the business statistics published on Tuesday afternoon in the euro zone and a number of its individual countries showed good growth.
If as a whole, the European PMI index was in line with expectations and was 531 points, the data for France and Germany showed pleasant values of 50.4 points and 54.7 points respectively. These indicators are strong predictive markers, and, therefore, this is precisely what inspired the buyers.
The Italian PMI in the service sector has also grown to 51.1 points, while it was expected to strengthen to 50.4 points.
In other words, the European PMI, which did no hold many expectations, became a powerful euro/dollar springboard. The goal of 1.39 was taken almost immediately, and to date the main pair is trading slightly higher. Now everything will depend on the strength of the "bulls" - if today’s instrument will be able to gain a foothold above the figure of 39, the goal of purchases will shift to 1.3945.
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.